Online payment booms

THIRD-PARTY online payment in China posted sizzling growth in the second quarter as sellers launched promotion campaigns, an industry report said yesterday.

Online payment transactions through third-party payment service providers topped 945.7 billion yuan (US$149.6 billion) in the second quarter, more than double from a year ago, Beijing-based research firm Analysys International said in the report. It was a 23 percent increase from the first three months of this year. Alipay still dominated the segment, with a leading market share of 47 percent, followed by China UnionPay Online Payment.

Surging online transactions in the emerging sectors such as tuition fee payment, insurance purchase and crossborder payment also contributed to the growth, according to the report.